DUBAI: The world eagerly anticipates the 28th session of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC), set to convene in Dubai on 30th November and run through 12th December 2023.

This conference is taking place at a critical juncture as humanity grapples with the existential threat posed by climate change, encompassing significant risks such as rising sea levels, shifting weather patterns, and increasingly intense natural disasters, leading to the displacement of millions and endangering food and water security.

COP28 marks the culmination of the first comprehensive global assessment of the implementation of the Paris Agreement. These assessments occur every five years, aiming to evaluate the collective progress of the world in achieving its climate goals.

The 28th session of this international event focuses on galvanising global efforts across various fronts to confront the ramifications of climate change, ensuring environmental, food, and health security; achieving an effective and equitable transition in the energy sector; and providing financing for all parties, especially those in the global South.

This event represents a pivotal moment in steering the world towards unified efforts concerning climate action, presenting solutions that necessitate collaboration among different parties and sectors.

The United Nations emphasises COP28 as the starting point for course correction. In its report, the UN highlights that those currently suffering the most from climate change, the most vulnerable, have contributed the least to the climate crisis. Therefore, transitioning towards mobilising funds and fulfilling climate financing commitments, including the annual $100 billion from industrialised nations, becomes imperative.

Every government, company, and civil society organisation is urged to prioritise climate action. Each party to the convention is called upon to attend COP28 in Dubai, UAE, to address a global issue with a global mindset.

Days before the commencement of COP28 in the UAE, United Nations Secretary-General António Guterres visited regions experiencing rapid melting in the Antarctic ice sheets.

The Secretary-General sent a clear message to leaders gathering at COP28, stating, "Break this cycle and take action now: to limit global temperature rise to 1.5 degrees Celsius and protect people from climate chaos."

The International Monetary Fund states on its website, “At COP28 we will continue our dialogue on economic and financial sector policies that can help our members and the wider international community reach shared climate goals: particularly how to reduce emissions, increase climate finance, boost resilience, and ease the transition to low-carbon economies.”

The World Bank, on its dedicated page for its participation in COP28, says, “The World Bank Group is redoubling efforts to end poverty on a liveable planet. A safer climate means that all people – but especially women and young people – have a decent quality of life on a planet with clean air, clean water, and enough to eat, and are less vulnerable to climate impacts.”

The International Finance Corporation will be part of the World Bank Group delegation at COP28, focusing primarily on four themes: energy transition, carbon removal, water, and gender equality.